Ben Edwards's Blog: Money Smart Life, page 11

Get Out of Debt Support Groups: How One Can Help You

When you are trying to do something big and life-changing, you often need support. It’s difficult to make the big changes in your life if you feel that you are on your own. One of the biggest changes you are likely to make is the decision to get out of debt. Without support, though, you can quickly fail in your efforts.

Creating a ‘get out of debt’ support group can really help you improve your financial situation and keep you on track with your goals. As you put together your plan for getting...

Are You Paying Enough Attention to Your Finances?

At times, it’s all too easy let financial matters slip through the cracks. However, you need to make sure that you are on top of your finances in order to make the most of your money – you know that!

Here are some of the problems that you can encounter if you don’t take the time to address your finances:

Overdrawing Your Account

This is a problem that comes if you don’t track your spending. Humans are bad at estimating how much they have spent, and how much they have left in their accounts. This...

5 Bucket List Investment Options

When it comes to investing, it’s too easy to just sort of decide on an asset allocation and then stick with it for the next 30 years. While asset allocation is an important part of investing, it’s also important not to take the lazy approach to investing in your future. One way you can change the way you think about investing is to divide your investments into “buckets.”

The idea behind the bucket approach is to recognize that you have different goals for your money. When you need the money, a...

4 Ways to Maximize Your Charity Donations

An important aspect of having well-rounded finances is charity. Giving is generally accepted by many personal finance experts as an essential part of good money management.

Your giving, however, should be like other aspects of your financial management – an effort should be made to ensure that you are getting the best value for your dollar. Maximizing your charity donations can mean more people helped by a cause that you care about. Here are some ways to maximize your charity donations:

1. Rese...

Life Events That Can End in Debt – And How to Avoid the Consequences

So many contingencies can be addressed with solid financial planning – having an emergency fund, creating a college fund to put children through school while minimizing student loan debt, building a retirement plan, and even having life insurance to care for your loved ones upon your death.

But sometimes things happen that come from outside the realm of finance. We can think of them as life events, and they can be game changers.

Often we deal with these events by going deeper into debt, especia...

The Economy of You – How to Make Money in Your Spare Time

If you’ve been wanting to start earning extra money with some of your unique skills then Kimberly Palmer’s new book “The Economy of You” is a good read. One of the things I like about Kim’s work is that she didn’t write it as an observer, she actually went through the process of starting her own side gig and she shares her personal experiences.

I talked to Kim last week after going through “The Economy of You” and asked her a few questions about her business, Palmer’s Planners, and her book.

1)...

When a Person Dies, Who Does the Inheritance Go To?

When someone dies, where does their money go? It’s an important question.

Figuring out where an inheritance goes can be a difficult process, depending on the situation and what kind of instructions the deceased has left relating to their assets. What actually happens depends on the wishes of the person who has passed, tempered by state and local inheritance laws, as well as other rules.

Here are some of the parties that can expect a share of an inheritance when a person passes on:

Spouse

In many...

How to Avoid the Balance Transfer Trap

Balance transfer cards can be a useful tool for reducing your interest rate and helping you pay off your debt faster. With the right balance transfer offer, more of your monthly payment can go to the principal, and you will pay less over time – in addition to getting out of debt quicker.

Unfortunately, as with so many financial tools, when used improperly a balance transfer card can actually cause more problems. In some cases, a balance transfer can result in a delay to paying off debt –and ca...

Debt and Marriage: What You Should Know Before the Wedding

Debt can ruin a marriage, so how can you beat debt before your wedding day? Although you many not be able to eliminate debt before tying the knot, there are steps to prepare for debt in married life.

Dating and Debt

When you get married, your two families become one and so do your personal finances – the good and the bad. It’s important to find out what your spouse-to-be’s likes and dislikes are, and it’s just as important to find out about their personal finances.

Uncover this information while...

Should You Save for Retirement or Pay Off Debt?

Should you save for retirement, or pay off debt? Tough question.

Living in the shadow of debt can be frustrating and difficult. As a result, many are anxious to get rid of debt as quickly as possible, choosing to tackle the debt before they start saving for retirement.

This might help you feel better, but does it always make sense?

High Interest Debt vs. Low Interest Debt

My mom once asked me why I hadn’t started destroying my student loan debt at a faster pace. My husband had just finished his P...